House flipping is once again a hot item these days it seems. Because of the recent downturn in the housing market, savvy real estate investors are uncovering nice property to fix up and put back out on the market. Whether you’re new to the game, or an old-timer, you can get do what the smart investors are doing.
‘Sounds great’ you say. ‘But can you really make any money?’
The answer is an emphatic YES. A lot too depending on how big of a risk you’re willing to take. But you’re going to need help along the way, and that’s what this site is geared for: the first time flipper, the person with little or no experience.
It’s also a lot of fun at the same time. Sure, there are headaches to deal with, but just as with anything worthwhile, you need good information along with patience and perseverance. The nice thing is that it can be at your own pace, such as in your spare time as a source of extra income, or more of a full-time venture as many real estate agents and remodelers (like myself) do.
Before you do anything though, you must first acquaint yourself with the cold, hard business side of flipping real estate, and see if it is in fact, something you think you would like to do.
Talk to a few trusted realtors and remodeling professionals and get their opinions as to the market for flipping houses in your area. Educate yourself and read up on the various aspects of what constitutes a house flipping success story, as well as what could possibly happen in a flipping disaster.
Read up on the following relevant topics for information on …
House Flipping – What It Is, and Isn’t
In house flipping defined, The basic tenants of the flipping industry, and how they might impact your plan to buy your first fixer-upper, foreclosure, etc., are explained.
‘Is This House Worth Flipping?‘
You’ve found a house you think might be a good one to flip, but in your mind, you’re still not sure. Find out just what are the things about houses that sell, as opposed to why some don’t.
Steer Clear of These Properties
Following in the same vein of what makes an attractive piece of property, you need to be aware of the houses (and neighborhood) that surround your house. You’ll find out why I say this when you read properties to avoid for more information.
Knowing Your Comfort Level
Determine how much time you want to devote to something on this level. To make money flipping houses, it takes a lot of commitment to see a project such as this through to successful completion. Paying attention to details is vital, be it financially, physically, and emotionally. Unless you can ‘give your all’, you may want to look elsewhere to invest your money.
For information please read disciplined real estate investing as it pertains to flipping homes.
Renovate With Care
Be honest with yourself. Don’t be afraid to admit your limitations with regard to the ability to do-it-yourself, and do well. If you’re really good at painting, then paint the whole house. Save some money. This type of thing will go a long way when determining a positive bottom line.
On the other hand, if you’ve never tackled something along the lines, for example, installing crown molding, this is probably not the time to ‘see what you can do’, to save a little money.
You want your property to show well. So, be smart, have reasonable remodeling expectations and hire a professional to do the installing and carpentry because sloppy, amateurish work is readily apparent to anyone with a a pair of eyes, especially if those eyes are eager to buy. Keep in mind that such work will naturally lead the prospective buyer to question the rest of the work performed during renovation. And with that, you’ve just lost a possible sale. Don’t skimp and cut corners. If you have to, hire a general contractor to do the work, or oversee the job yourself.
Okay, you’ve done the work, now it’s time to sell the house. Do you tackle it yourself, or hire a real estate agent to sell it for you? Read selling your house to determine what your needs and capabilities as it applies to house flipping and where that might lead you when you put your house on the market.